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Playtech Enters Into Agreement With Playtech
Friday July 24,2015 : CORAL MERGER RESULTS IN LADBROKES-PLAYTECH AGREEMENT CHANGES
Early determination of amounts due under PTTS/Ladbrokes services deal agreed.
Playtech announced Friday that it has entered into an agreement with Ladbrokes plc in relation to an early determination of amounts due to it under the marketing services agreement between PTTS and the Ladbrokes Group dated March 2013 at a level of £75 million.
This agreement has been reached in anticipation of the proposed merger of the Ladbrokes Group and the Coral Group announced earlier today and is conditional upon completion of the merger.
With effect from completion, Playtech shall become entitled to receive £75 million, of which £40 million shall be satisfied by way of the issue of shares in Ladbrokes and with a further guaranteed £35 million in cash paid upon delivery by Playtech of key operational milestones but, in any event, within 42 months following completion.
This arrangement will provide Ladbrokes and Coral with the flexibility to achieve operational integration and realise synergies.
If completion of the merger does not occur, the marketing services agreement shall continue in its prior form.
Separately, Playtech has committed to subscribe for approximately 22.9 percent of the 9.99 percent equity placing announced by Ladbrokes earlier today.
Mor Weizer, CEO of Playtech said Friday:
"Both Ladbrokes and Coral are key licensees of the [Playtech] Group and we have been delighted to assist Ladbrokes in the turnaround of its online operations. We look forward to continuing our strong long term relationships with both groups and expect to play a key role in their future success, both before and after their proposed merger."
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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